$425 million Powerball Jackpot Has Many Seeing Dollar Signs

(CBS) -- The Powerball jackpot is estimated to reach $425 million on Wednesday
and may even climb to an even higher amount if ticket sales exceed
expectations.

The thought of winning one of the biggest
multistate pots in U.S. history has may people dreaming including some
residents on Long Island, just outside New York City. They were hard hit
by Hurricane Sandy.

Like
many Long Beach residents, Parker said his car was destroyed by rising
floodwaters during the storm. But he's not contemplating buying a new
one if he wins the jackpot.

The 67-year-old joked that he'd probably hire a chauffeur instead.

To date, four jackpot-winning Powerball tickets were sold in New York according to CBS station WCBS in New York. The previous biggest jackpot was $365 million in 2006, which was won by eight employees in a Nebraska meatpacking plant.

Earlier
in 2012, a $656 million Mega Millions jackpot drove many people mad.
Winning tickets were drawn in Kansas, Illinois and Maryland.

One group that will definitely be a winner no matter what numbers are
drawn are the 42 states that run Powerball, Washington D.C. and the
U.S. Virgin Islands, the Los Angeles Times
reported. They made a record $60.8 billion in ticket sales during the
2011 to 2012 fiscal year, an 8.7 percent increase from the last year.
Even though prices were doubled to $2, there was a 27 percent increase
in sales revenue.

Just how lucky do you have to be?
According to the Multi-State Lottery Association, the odds of winning
the Powerball jackpot is 1 in 175 million. But, if Lady Luck happens to
be on your side, the cash value on a single $425 million dollar winner
is $278 million after taxes.